Leeds Building Society

BarryBados

Having put money over the years by faster payment electronic bank transfers into my easy access online Leeds Building Society accounts I have recently looked at moving/transferring some money OUT of my LBS account into my nominated bank account I have previously set up with them..It seems that I only have an option of a cheque sent to me or to complete a transfer request form on their site (with the reasons you want your money) at a cost of £20 and send to them in order to access my money? All my other Building society providers accept free faster payment transfers from my accounts into my bank account.. Bit frustrating..Anyone had similar experience with LBS?

eskbanker

Which specific product is it?  Their general savings terms suggest that faster payments are available but on a product-specific basis:

Where your Account is an Online Account, Electronic Payments can be made from your Account in the following ways:
• Faster Payment to your Nominated Account. This can only be arranged online through our online services.

For Other Accounts, Electronic Payments can be made from your Account in the following ways (where permitted by the Product Terms and Conditions or otherwise permitted by us):
• Faster Payment;
• CHAPS;
• Standing Order; and
• Direct Debit, quoting sort code: 08-61-19 and the first 8 digits of your account number

https://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/GIC.pdf

If your particular account type doesn't support such withdrawals, can you open one that does and send money out via an internal transfer initially?

flaneurs_lobster

Sounds like you have their Access Saver, basically a branch/post account. What is the actual account description? Only way to move funds out of there electronically is by CHAPS, hence the £20 charge.

Might also be paying a rather poor rate of interest too.

Reading the summary sheet (if this is an Access Saver) one way to access the funds might be to transfer them to another LBS account (like the equally poor paying) e-Saver and then onto your nominated account by online instruction.

BarryBados

No it's a Limited issue online easy access account (issue 56) 4.35% interest.. 

eskbanker

BarryBados said:

No it's a Limited issue online easy access account (issue 56) 4.35% interest.. 

This one?

Can I withdraw money?

Withdrawals:

• Unlimited withdrawals can be made to your Nominated Accounts without notice or loss of interest as long as the minimum operating balance of £1,000 is maintained.

• If the balance falls below £1,000, the rate of interest will be 0.05% Tax free§ p.a./AER† variable.

• Cash/cheque withdrawals are not allowed.

https://www.leedsbuildingsociety.co.uk/savings/online-savings-accounts/limited-issue-online-access-account/

BarryBados

Only options available on drop down menu for withdrawal are a..cheque or  b. Transfer to another LBS account..
Faster payment transfer.. you have to complete a 2 page form with reasons you want your money and costs £20.00 !

flaneurs_lobster

Seems then that LBS have it wrong about how you can withdraw funds, the T&C are specific

https://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/LIONACCA56.pdf

Do you have online access? Is that not giving you withdrawals to nominee account options?

EDIT, sorry, cross-posting.

Do you have a nominee account set up?

BarryBados

Hi eskbanker, no not that one it's issue 56...the one you have linked is issue 68

eskbanker

BarryBados said:

Hi eskbanker, no not that one it's issue 56...the one you have linked is issue 68

Same wording applies:

https://web.archive.org/web/20240405225920/https://www.leedsbuildingsociety.co.uk/savings/online-savings-accounts/limited-issue-online-access-account/

BarryBados

Yes I do have my nominated bank account set up, have read wording on their terms and conditions thoroughly BUT to have faster payment transfer to a nominated account it seems you DO have to complete a comprehensive 2 page form with a cost of £20 per transaction and as stated you have to add on the form the exact reason for why you want your money..

NanookOfTheNorth

Could it be the amount you're making the withdrawl for? If over a certain limit it goes via CHAPS and therefore costs the £20.   What if you try a smaller amount and it goes through Faster Payments for free?